ACC and CORT reach housing milestone Minister of Housing, Hon. Megan Woods, opens first of 104 homes in community housing partnership

Monday 10th October 2022

An innovative funding partnership between community housing provider CORT Community Housing and ACC has reached a major milestone, with the completion of 15 new homes in Tāmaki Makaurau Auckland – the first of 104 planned for the region.

The development, located in West Harbour, was officially opened by the Minister of Housing Megan Woods, Minister for ACC Carmel Sepuloni, CORT CEO Stephen Hart, and CORT Chair Dr Sue Watson on Friday morning.

The 12 one-bedroom and three two-bedroom homes are located close to schools and amenities and feature good internal and external design so that they are comfortable, warm and well-ventilated places to live.

This is the first of seven developments under the partnership between CORT and ACC, who have partnered to fund, build and manage 104 new homes for people and families on the public housing waiting list in Auckland.

Stephen Hart, CORT CEO, says: “A good home is the foundation of a good life, and helps people feel connected, and able to contribute to, their community.

“At CORT we work hard with our partners to identify innovative ways to fund new public and affordable housing.”

The joint-venture partnership, ACCORT, which was formed in 2020, is the first of its kind in Aotearoa New Zealand and is supported by a long-term commitment from Te Tūāpapa Kura Kāinga - Ministry of Housing and Urban Development (HUD).

Ian Purdy, ACC Portfolio Manager, Property and Infrastructure, says: “This partnership is a great example of ACC’s Investment Fund achieving social impact while also delivering a sound financial return for the scheme for the benefit of all New Zealanders."

“Growing the community housing sector through innovative partnerships like ACCORT will be crucial to supply enough homes to meet the need for affordable housing.

“ACCORT has developed a commercial investment structure that can be replicated and further developed and is expected to generate a pipeline of further opportunities.”

Stephen Hart adds: “CORT is thrilled to partner with ACC to bring this innovative joint venture funding model to the sector and we look forward to building a better future for more tenants as this partnership progresses.

“Our tenants are at the heart of everything we do at CORT. Our people-focussed tenancy and property teams welcome and support people not just into houses, but into homes and communities across Auckland.

“These new homes are another very important step in the continuation of this journey and a sign of our continued commitment to make the best contribution we can towards increasing the availability of affordable housing in Auckland.”

Under the ACCORT joint venture, CORT will oversee the development and management of new high-quality homes across Auckland, while ACC has committed $61 million.

CORT will use the homes built through this partnership to deliver public housing to tenants under a 25-year contract with HUD.

CORT will provide tenancy and property management services, as well as corporate services, for ACCORT.

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